FTX advisors billed the bankrupt firm for a whopping $103M in Q1

The lawyers and consulting firms assisting cryptocurrency speech FTX done its bankruptcy proceedings are acceptable to currency successful a full of $103 cardinal implicit the archetypal quarter.

March saw 5 firms — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — measure FTX a combined $36.4 cardinal according to respective tribunal filings betwixt April 28 and May 2.

The invoices from March were somewhat higher than January and February’s figures of $34.2 million and $32.5 million respectively.

New York-based instrumentality steadfast Sullivan & Cromwell again walked distant with the biggest paycheck, billing $14.1 cardinal successful fees and expenses for March, adding to a full of $44.4 cardinal implicit the archetypal quarter.

Sullivan & Cromwell billed FTX $14.1 cardinal for March. Source: Kroll

Partners astatine the steadfast took location $2,165 per hr portion paralegals and ineligible analysts were paid $425 and $595 per hr for their contributions.

Consulting steadfast Alvarez & Marsal came successful next, invoicing implicit $13.8 cardinal successful March for the tens of thousands of hours it collectively committed to avoidance actions, fiscal investigation and accounting procedures.

It was the 3rd successive billing of implicit $10 cardinal for the firm, which has served arsenic FTX’s restructuring advisor since Sam Bankman-Fried’s erstwhile empire filed for bankruptcy connected Nov. 11.

Alvarez & Marsal invoiced FTX $13.8 cardinal for March. Source: Kroll

Fellow instrumentality firms Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb respectively billed FTX $3.19 cardinal and $644,000 successful March for respective totals of $7.3 cardinal and $1.9 cardinal implicit the archetypal quarter.

As Landis Rath & Cobb service arsenic FTX’s peculiar counsel, the steadfast has spent astir of its hours successful the courtroom attending tribunal hearings and undergoing litigation procedures.

Over 180 lawyers from Sullivan & Cromwell, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb person been assigned to enactment connected the FTX case.

Related: Sam Bankman-Fried’s holding institution files for bankruptcy

Forensics consulting steadfast AlixPartners invoiced its largest measure astatine $4.51 cardinal successful March, totaling $10.2 cardinal implicit the 4th for the firm’s enactment successful analyzing decentralized concern products and tokens successful FTX’s possession.

Despite a severely troubled six months, FTX hasn’t enactment the nail successful the coffin yet.

With $7.3 cardinal successful assets recovered FTX’s ineligible squad is eyeing a imaginable reboot of the trading level arsenic aboriginal arsenic April 2024.

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